1. NCCU Academic Hub
  2. Publications
  3. College of Commerce
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 考量漂綠因子下分析台灣企業碳排放量對股價報酬之關係
The Impact of Greenwashing on the Relationship between Carbon Emissions and Stock Returns of Taiwanese Companies
作者 蔡鎮鴻
Tsai, Chen-Hung
貢獻者 楊曉文
蔡鎮鴻
Tsai, Chen-Hung
關鍵詞 漂綠
選擇性揭露
碳排放
低碳轉型
綠色轉型
股價報酬
greenwashing
selective disclosure
carbon emissions
low-carbon transition
green transition
stock returns
日期 2024
上傳時間 4-Sep-2024 16:07:28 (UTC+8)
摘要 近年來，氣候變遷、全球暖化問題逐漸成為大眾關注的焦點。隨著巴黎協定生效，許多政府開始推出許多與永續資訊揭露、低碳轉型相關的政策，資本市場則從中扮演資金提供者之角色，投資人若能識別漂綠程度及碳風險並對其定價，將能確保資金流向致力於綠色轉型的企業，因此本研究目的在於探索台灣企業的公司層面漂綠程度、碳排放量與對股價報酬之影響，並進一步分析較高的漂綠程度是否會讓碳排放量與股價報酬之間的關係產生改變，亦探討綠色金融行動方案1.0政策是否影響投資人對企業永續的重視程度。 研究結果顯示，企業漂綠程度與股價報酬呈現負向關係，且在政策實施後更為顯著。市場對實際ESG表現優異的公司給予更高評價，即更青睞真正做好ESG的企業。此外，股價報酬與企業揭露之碳排放呈現正向關係，與碳排放變化率呈現負向關係。投資人對高碳排放公司要求更高報酬率以補償持有高碳排股票的風險，對碳排放成長率下降的公司則給予正面評價，且政策實施後結果更顯著，顯示投資人在決策時更多地考慮碳風險，這也讓企業有減少碳排放的動機，有助於台灣市場的低碳轉型。最後，考量企業漂綠程度後，碳排放量與股價報酬的正向關係削弱，而碳排放變化率與股價報酬的負向關係加劇，並且僅在政策實施後顯著，這顯示資本市場會懲罰高漂綠公司，且對碳排放逐年上升的高漂綠公司懲罰更嚴厲。 整體而言，本研究偏向肯定台灣綠色金融行動方案的政策有效性，其提升資本市場對企業碳排放資訊及漂綠行為的重視程度、投資者會對這些轉型風險因子定價。政策實施後，企業管理層有動機提升揭露透明度或推動減排政策，有助於台灣綠色低碳轉型的推動。
In recent years, climate change and global warming have become focal points of public concern. With the implementation of the Paris Agreement, many governments have introduced policies related to sustainable information disclosure and low-carbon transition. The capital market plays the role of a fund provider, and if investors can identify and price greenwashing and carbon risks, funds can be directed to companies committed to green transformation. Therefore, this study aims to explore the impact of corporate greenwashing and carbon emissions on stock returns in Taiwanese companies. It further analyzes whether increased greenwashing alters the relationship between carbon emissions and stock returns, and examines the impact of the Green Finance Action Plan 1.0 on green transformation. The results indicate that corporate greenwashing is negatively correlated with stock returns, with a more significant effect after the policy implementation. The market gives higher evaluations to companies with genuine ESG performance, showing a preference for companies that genuinely implement ESG. Additionally, stock returns are positively related to disclosed carbon emissions and negatively related to the rate of change in carbon emissions. Investors demand higher returns for high-carbon companies to compensate for the risks of holding high-carbon stocks, while companies with decreasing carbon emission growth rates receive positive evaluations. This relationship is more pronounced after the policy implementation, indicating that investors consider carbon risks more in their decisions, providing companies with incentives to reduce emissions, thus aiding Taiwan’s low-carbon transition. Finally, considering the factor of greenwashing, the positive relationship between carbon emissions and stock returns weakens, while the negative relationship between the rate of change in carbon emissions and stock returns intensifies, becoming significant only after the policy implementation. This indicates that the capital market punishes high greenwashing companies more severely, especially those with increasing annual carbon emissions. Overall, this study affirms the effectiveness of Taiwan's Green Finance Action Plan 1.0 in enhancing the capital market's attention to corporate carbon information and greenwashing behavior. After the policy implementation, corporate management has incentives to improve disclosure transparency or promote emission reduction policies, facilitating Taiwan's green and low-carbon transition.
參考文獻 英文參考文獻 1. Abrahamson, E., & Park, C. (1994). Concealment of negative organizational outcomes: An agency theory perspective. Academy of Management Journal, 37(5), 1302-1334. 2. Andersson, M., Bolton, P., & Samama, F. (2016). Hedging climate risk. Financial Analysts Journal, 72(3), 13-32. 3. Atilgan, Y., Kilic, M., & Muradoglu, G. (2023). Greenwashing and its impact on firm value. Journal of Corporate Finance, 75, 102213. 4. Bolton, P., & Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of Financial Economics, 142(2), 517-549. 5. Bolton, P., & Kacperczyk, M. (2022). Carbon risk. Annual Review of Financial Economics, 14, 241-266. 6. Chava, S. (2014). Environmental externalities and cost of capital. Management Science, 60(9), 2223-2247. 7. Dasgupta, S., Laplante, B., Wang, H., & Wheeler, D. (2001). Confronting the environmental Kuznets curve. Journal of Economic Perspectives, 16(1), 147-168. 8. Delmas, M. A., & Burbano, V. C. (2011). The drivers of greenwashing. California Management Review, 54(1), 64-87. 9. Du, X. (2015). How the market values greenwashing? Evidence from China. Journal of Business Ethics, 128(3), 547-574. 10. Hamilton, J. T. (1995). Pollution as news: Media and stock market reactions to the Toxics Release Inventory data. Journal of Environmental Economics and Management, 28(1), 98-113. 11. Laplante, B., & Lanoie, P. (1994). The market response to environmental incidents in Canada: A theoretical and empirical analysis. Southern Economic Journal, 60(3), 657-672. 12. Lyon, T. P., & Maxwell, J. W. (2011). Greenwash: Corporate environmental disclosure under threat of audit. Journal of Economics & Management Strategy, 20(1), 3-41. 13. Lyon, T. P., & Montgomery, A. W. (2013). Tweetjacked: The impact of social media on corporate greenwash. Journal of Business Ethics, 118(4), 747-757. 14. Majid, A., & Russell, C. (2015). The influence of greenwashing on corporate reputation and consumer perception. Journal of Business Ethics, 128(3), 537-555. 15. Marquis, C., Toffel, M. W., & Zhou, Y. (2016). Scrutiny, norms, and selective disclosure: A global study of greenwashing. Organization Science, 27(2), 483-504. 16. Matsumura, E. M., Prakash, R., & Vera-Muñoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review, 89(2), 695-724. 17. Oestreich, A. M., & Tsiakas, I. (2015). Carbon emissions and stock returns: Evidence from the EU Emissions Trading Scheme. Journal of Banking & Finance, 58, 294-308. 18. Pfeffer, J. (1981). Power in organizations. Marshfield, MA: Pitman. 19. Testa, F., Iraldo, F., Vaccari, A., & Ferrari, E. (2015). Why eco-labels can be effective marketing tools: Evidence from a study on Italian consumers. Business Strategy and the Environment, 24(4), 252-265. 20. Walker, K., & Wan, F. (2012). The harm of symbolic actions and greenwashing: Corporate actions and communications on environmental performance and their financial implications. Journal of Business Ethics, 109(2), 227-242. 21. Yu, E. P., Luu, B. V., & Chen, C. H. (2020). Greenwashing in environmental, social and governance disclosures. Research in International Business and Finance, 52, 101192. 中文參考文獻 1. 毛慕耘(2023)。臺灣企業碳排放量與碳溢酬之探討。國立政治大學金融學系碩士論文，台北市。 2. 姜仁匡(2023)。企業重大性議題與漂綠-台灣市場的研究。國立中央大學財務金融學系碩士論文，桃園市。
描述 碩士
國立政治大學
金融學系
111352028
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111352028
資料類型 thesis
dc.contributor.advisor 楊曉文zh_TW
dc.contributor.author (Authors) 蔡鎮鴻zh_TW
dc.contributor.author (Authors) Tsai, Chen-Hungen_US
dc.creator (作者) 蔡鎮鴻zh_TW
dc.creator (作者) Tsai, Chen-Hungen_US
dc.date (日期) 2024en_US
dc.date.accessioned 4-Sep-2024 16:07:28 (UTC+8)-
dc.date.available 4-Sep-2024 16:07:28 (UTC+8)-
dc.date.issued (上傳時間) 4-Sep-2024 16:07:28 (UTC+8)-
dc.identifier (Other Identifiers) G0111352028en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/153566-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 金融學系zh_TW
dc.description (描述) 111352028zh_TW
dc.description.abstract (摘要) 近年來，氣候變遷、全球暖化問題逐漸成為大眾關注的焦點。隨著巴黎協定生效，許多政府開始推出許多與永續資訊揭露、低碳轉型相關的政策，資本市場則從中扮演資金提供者之角色，投資人若能識別漂綠程度及碳風險並對其定價，將能確保資金流向致力於綠色轉型的企業，因此本研究目的在於探索台灣企業的公司層面漂綠程度、碳排放量與對股價報酬之影響，並進一步分析較高的漂綠程度是否會讓碳排放量與股價報酬之間的關係產生改變，亦探討綠色金融行動方案1.0政策是否影響投資人對企業永續的重視程度。 研究結果顯示，企業漂綠程度與股價報酬呈現負向關係，且在政策實施後更為顯著。市場對實際ESG表現優異的公司給予更高評價，即更青睞真正做好ESG的企業。此外，股價報酬與企業揭露之碳排放呈現正向關係，與碳排放變化率呈現負向關係。投資人對高碳排放公司要求更高報酬率以補償持有高碳排股票的風險，對碳排放成長率下降的公司則給予正面評價，且政策實施後結果更顯著，顯示投資人在決策時更多地考慮碳風險，這也讓企業有減少碳排放的動機，有助於台灣市場的低碳轉型。最後，考量企業漂綠程度後，碳排放量與股價報酬的正向關係削弱，而碳排放變化率與股價報酬的負向關係加劇，並且僅在政策實施後顯著，這顯示資本市場會懲罰高漂綠公司，且對碳排放逐年上升的高漂綠公司懲罰更嚴厲。 整體而言，本研究偏向肯定台灣綠色金融行動方案的政策有效性，其提升資本市場對企業碳排放資訊及漂綠行為的重視程度、投資者會對這些轉型風險因子定價。政策實施後，企業管理層有動機提升揭露透明度或推動減排政策，有助於台灣綠色低碳轉型的推動。zh_TW
dc.description.abstract (摘要) In recent years, climate change and global warming have become focal points of public concern. With the implementation of the Paris Agreement, many governments have introduced policies related to sustainable information disclosure and low-carbon transition. The capital market plays the role of a fund provider, and if investors can identify and price greenwashing and carbon risks, funds can be directed to companies committed to green transformation. Therefore, this study aims to explore the impact of corporate greenwashing and carbon emissions on stock returns in Taiwanese companies. It further analyzes whether increased greenwashing alters the relationship between carbon emissions and stock returns, and examines the impact of the Green Finance Action Plan 1.0 on green transformation. The results indicate that corporate greenwashing is negatively correlated with stock returns, with a more significant effect after the policy implementation. The market gives higher evaluations to companies with genuine ESG performance, showing a preference for companies that genuinely implement ESG. Additionally, stock returns are positively related to disclosed carbon emissions and negatively related to the rate of change in carbon emissions. Investors demand higher returns for high-carbon companies to compensate for the risks of holding high-carbon stocks, while companies with decreasing carbon emission growth rates receive positive evaluations. This relationship is more pronounced after the policy implementation, indicating that investors consider carbon risks more in their decisions, providing companies with incentives to reduce emissions, thus aiding Taiwan’s low-carbon transition. Finally, considering the factor of greenwashing, the positive relationship between carbon emissions and stock returns weakens, while the negative relationship between the rate of change in carbon emissions and stock returns intensifies, becoming significant only after the policy implementation. This indicates that the capital market punishes high greenwashing companies more severely, especially those with increasing annual carbon emissions. Overall, this study affirms the effectiveness of Taiwan's Green Finance Action Plan 1.0 in enhancing the capital market's attention to corporate carbon information and greenwashing behavior. After the policy implementation, corporate management has incentives to improve disclosure transparency or promote emission reduction policies, facilitating Taiwan's green and low-carbon transition.en_US
dc.description.tableofcontents 第一章 緒論 1 第一節、研究背景 1 第二節、研究動機與目的 4 第三節、研究架構 5 第二章 文獻回顧 6 第一節、漂綠議題相關文獻 6 一、企業漂綠行為的定義 6 二、資本市場對漂綠的評價 7 第二節、碳排放與資本市場之聯繫 8 第三章 研究方法 10 第一節 研究假說建構流程 10 一、台灣企業漂綠程度與股價報酬之間的關係 10 二、台灣企業揭露碳排放與股價報酬之間的關係 11 第二節 變數介紹 12 一、應變數 12 二、關注變數 13 三、控制變數 16 四、變數中文及英文代號對照表 18 第三節 實證模型 19 第四章 實證結果 24 第一節 研究樣本 24 第二節 敘述性統計 27 第三節 相關係數分析 29 第四節 實證結果與分析 30 一、企業漂綠程度對年度股價報酬之影響 30 二、企業揭露之碳排放量對年度股價報酬之影響 35 三、考量漂綠程度因子下，企業碳排放量與年度股價報酬之間的關係是 否發生改變 37 第五章 結論與展望 43 第一節、結論 43 第二節、研究限制與展望 44 第六章 參考文獻 46 第七章 附錄 49zh_TW
dc.format.extent 2608529 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111352028en_US
dc.subject (關鍵詞) 漂綠zh_TW
dc.subject (關鍵詞) 選擇性揭露zh_TW
dc.subject (關鍵詞) 碳排放zh_TW
dc.subject (關鍵詞) 低碳轉型zh_TW
dc.subject (關鍵詞) 綠色轉型zh_TW
dc.subject (關鍵詞) 股價報酬zh_TW
dc.subject (關鍵詞) greenwashingen_US
dc.subject (關鍵詞) selective disclosureen_US
dc.subject (關鍵詞) carbon emissionsen_US
dc.subject (關鍵詞) low-carbon transitionen_US
dc.subject (關鍵詞) green transitionen_US
dc.subject (關鍵詞) stock returnsen_US
dc.title (題名) 考量漂綠因子下分析台灣企業碳排放量對股價報酬之關係zh_TW
dc.title (題名) The Impact of Greenwashing on the Relationship between Carbon Emissions and Stock Returns of Taiwanese Companiesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 英文參考文獻 1. Abrahamson, E., & Park, C. (1994). Concealment of negative organizational outcomes: An agency theory perspective. Academy of Management Journal, 37(5), 1302-1334. 2. Andersson, M., Bolton, P., & Samama, F. (2016). Hedging climate risk. Financial Analysts Journal, 72(3), 13-32. 3. Atilgan, Y., Kilic, M., & Muradoglu, G. (2023). Greenwashing and its impact on firm value. Journal of Corporate Finance, 75, 102213. 4. Bolton, P., & Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of Financial Economics, 142(2), 517-549. 5. Bolton, P., & Kacperczyk, M. (2022). Carbon risk. Annual Review of Financial Economics, 14, 241-266. 6. Chava, S. (2014). Environmental externalities and cost of capital. Management Science, 60(9), 2223-2247. 7. Dasgupta, S., Laplante, B., Wang, H., & Wheeler, D. (2001). Confronting the environmental Kuznets curve. Journal of Economic Perspectives, 16(1), 147-168. 8. Delmas, M. A., & Burbano, V. C. (2011). The drivers of greenwashing. California Management Review, 54(1), 64-87. 9. Du, X. (2015). How the market values greenwashing? Evidence from China. Journal of Business Ethics, 128(3), 547-574. 10. Hamilton, J. T. (1995). Pollution as news: Media and stock market reactions to the Toxics Release Inventory data. Journal of Environmental Economics and Management, 28(1), 98-113. 11. Laplante, B., & Lanoie, P. (1994). The market response to environmental incidents in Canada: A theoretical and empirical analysis. Southern Economic Journal, 60(3), 657-672. 12. Lyon, T. P., & Maxwell, J. W. (2011). Greenwash: Corporate environmental disclosure under threat of audit. Journal of Economics & Management Strategy, 20(1), 3-41. 13. Lyon, T. P., & Montgomery, A. W. (2013). Tweetjacked: The impact of social media on corporate greenwash. Journal of Business Ethics, 118(4), 747-757. 14. Majid, A., & Russell, C. (2015). The influence of greenwashing on corporate reputation and consumer perception. Journal of Business Ethics, 128(3), 537-555. 15. Marquis, C., Toffel, M. W., & Zhou, Y. (2016). Scrutiny, norms, and selective disclosure: A global study of greenwashing. Organization Science, 27(2), 483-504. 16. Matsumura, E. M., Prakash, R., & Vera-Muñoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review, 89(2), 695-724. 17. Oestreich, A. M., & Tsiakas, I. (2015). Carbon emissions and stock returns: Evidence from the EU Emissions Trading Scheme. Journal of Banking & Finance, 58, 294-308. 18. Pfeffer, J. (1981). Power in organizations. Marshfield, MA: Pitman. 19. Testa, F., Iraldo, F., Vaccari, A., & Ferrari, E. (2015). Why eco-labels can be effective marketing tools: Evidence from a study on Italian consumers. Business Strategy and the Environment, 24(4), 252-265. 20. Walker, K., & Wan, F. (2012). The harm of symbolic actions and greenwashing: Corporate actions and communications on environmental performance and their financial implications. Journal of Business Ethics, 109(2), 227-242. 21. Yu, E. P., Luu, B. V., & Chen, C. H. (2020). Greenwashing in environmental, social and governance disclosures. Research in International Business and Finance, 52, 101192. 中文參考文獻 1. 毛慕耘(2023)。臺灣企業碳排放量與碳溢酬之探討。國立政治大學金融學系碩士論文，台北市。 2. 姜仁匡(2023)。企業重大性議題與漂綠-台灣市場的研究。國立中央大學財務金融學系碩士論文，桃園市。zh_TW